Thanks for the post! They move to the top of my list of potential stocks to short.

Thanks for the post! They move to the top of my list of potential stocks to short.

yeah, I saw something about this in the wsj this a.m. I really think this is so short-sighted – like any firm with their position can turn things around in 1 quarter???? Didn’t they take 11B in write-downs? Isn’t Mozillo under investigation? Aren’t there more major ARM re-sets coming????

And Countrywide carries the whole market up on their “positive outlook” for end of next year.

27.8 billion of Countrywide banks mortgage investments are in risky Option Arms that are way behind in payments (over 3.5 are more than 60 days in arrears, and almost 6% over 30 days in arrears) Loans sold are a third of 2006 levels

http://online.wsj.com/article/SB119318489086669202.html?mod=googlenews_wsj

Countrywide took a 900 Million write down to cover “Junior and option ARM” losses. That does not even cover the ones currently underwater. Next quarter/year are going to be worse. Who is buying this stock and what are they thinking.

If you take the time to look at the 9 month balance sheet thru september (2006 vs. 2007) some of it is just smoke and mirrors. 4 Billion increase in value of loan servicing business, big increase in value of loans held for investment, but decrease in receivables on same. Pure smoke.

And Countrywide carries the whole market up on their “positive outlook” for end of next year.

27.8 billion of Countrywide banks mortgage investments are in risky Option Arms that are way behind in payments (over 3.5 are more than 60 days in arrears, and almost 6% over 30 days in arrears) Loans sold are a third of 2006 levels

http://online.wsj.com/article/SB119318489086669202.html?mod=googlenews_wsj

Countrywide took a 900 Million write down to cover “Junior and option ARM” losses. That does not even cover the ones currently underwater. Next quarter/year are going to be worse. Who is buying this stock and what are they thinking.

If you take the time to look at the 9 month balance sheet thru september (2006 vs. 2007) some of it is just smoke and mirrors. 4 Billion increase in value of loan servicing business, big increase in value of loans held for investment, but decrease in receivables on same. Pure smoke.

Countrywide projecting that its going to be profitable this quarter and next. Do I missed something here? How in the world? This was just like Enron was saying last time…

i played it as a range-limited gamble. that is, bought calls when it was down in the 14’s.

gonna let it hit 20 or so and start buying puts.

the news doesn’t mean shit. the facts don’t mean shit. cfc stock is being completely gamed/milked. imwo.